Energy archive - The Capitol Forum

The European Antitrust Agenda: Google Fines Mean the Fight Has Only Started, Rivals Say; Gloomier Outlook for Chemical Giants Seeking Damages

Welcome to The European Antitrust Agenda, our weekly overview of European tech and competition law developments. Key stories we’re following this week include: • Google critics fear EU will be slow to ramp up pressure after July penalties • Ethylene cartel judgments cast shadow over...

Sep 01, 2026 Read Now >

NextEra/Dominion: Virginia State Utility Regulator Who’s Former Employee of Buyer Won’t Recuse Herself from Deal Review

The chair of the Virginia utility regulator whose previous employment at NextEra Energy (NEE) has raised conflict-of-interest questions declined to recuse herself from the review of the renewable energy company’s $66.8 billion acquisition of Dominion Energy...

Aug 18, 2026 Read Now >

The European Antitrust Agenda: EU Plans Public Procurement Restrictions; Apple Appeal Loss Has Consequences for Future ‘Gatekeepers’

Welcome to The European Antitrust Agenda, our weekly overview of European tech and competition law developments. Key stories we’re following this week include: • Public procurement restrictions exclude China and India • Apple’s recent court loss has consequences beyond the iPhone...

Jul 14, 2026 Read Now >

Saipem/Subsea7: Merger Headed to Phase 2, Sources Say

The proposed $4.6 billion merger between Saipem (SPM) and Subsea7 (SUBC) could be headed for a phase 2 investigation following a state of play meeting this week, during which the European Commission outlined competition concerns and discussed the potential need for remedies, according to...

Jul 10, 2026 Read Now >

Blackstone/TXNM: New Mexico Utility Regulator Finds Blackstone Purchase of TXNM Stock Illegal as Focus Turns Again to Merger Review

The New Mexico utility regulator’s order today that Blackstone (BX) unwind a $400 million purchase of TXNM Energy’s (TXNM) stock complicated the private equity firm’s financing of its proposed acquisition of the utility but also returned the commission’s focus to its review of the...

Jul 02, 2026 Read Now >

Baker Hughes/Chart Industries: EC Clearance Anticipated After Parties Submitted Remedies on Friday, Sources Say

Baker Hughes (BKR) offered structural and behavioral remedies to the European Commission on Friday in a bid to secure approval for its $13.6 billion acquisition of Chart Industries (GTLS), concessions that are anticipated to pave the way for clearance, sources with direct knowledge of the...

Jun 21, 2026 Read Now >

The European Antitrust Agenda: OHB Pushes Against EU Satellites Merger; Privacy Proponents Fear Cookie Consent Cleanup Tool on Chopping Block

Welcome to The European Antitrust Agenda, our weekly overview of EU and UK competition law developments. Key stories we’re following this week...

Jun 16, 2026 Read Now >

Blackstone/TXNM Energy: PE Firm Likely Faces Tough Choice of Accepting Recommended Penalty or Extending Regulatory Process With Appeal

Private equity firm Blackstone (BX) probably faces a tough choice in its $11.5 billion bid for New Mexico power company TXNM Energy (TXNM): accept a utility regulator’s likely fine and order to unwind a $400 million stock purchase, or appeal that decision, extending the regulatory...

Jun 10, 2026 Read Now >

NextEra/Dominion: Watchdogs and State Senator Call for Virginia Regulator’s Recusal From Review of Largest-Ever U.S. Utility Merger

The chair of the Virginia utility regulator that would review NextEra Energy’s (NEE) $66.8 billion acquisition of Dominion Energy (D) should recuse herself because of previous employment at the acquirer, utility and consumer watchdogs...

May 26, 2026 Read Now >

The European Antitrust Agenda: Merger Guidelines Offer Clarity to Startup Buyers and Consider Workers’ Rights

Welcome to The European Antitrust Agenda, brought to you by Europe Executive Editor Javier Espinoza and Senior Correspondents Lydia O’Neal, Barbara Pianese, Joanna Sopinska and Catherine Stupp. This week, we look at the leaked draft of the EU’s forthcoming merger guidelines. A boon...

Apr 28, 2026 Read Now >

SoftBank/DigitalBridge: Deal Could Test Treasury’s Fast-Track Pilot Program for U.S. Allies

Japan’s SoftBank Group (TSE:9984) has filed its proposed $4 billion acquisition of DigitalBridge Group (DBRG) with the Committee on Foreign Investment in the United States (CFIUS), according to sources familiar with the matter, setting up what could be an early test of a Treasury...

Jan 26, 2026 Read Now >

Capitol Forum’s Tech Policy 2026 Predictions: Brinkema Will Break Up Google’s Ad Tech Monopoly, DOJ and/or States Will Appeal Google Search Remedy, Open AI Will Take Feud with Google to Europe, Big Tech Will Push for Trade Policy ‘Get Out of Jail Free Card’

As part of our tech policy coverage, we are launching our annual predictions on some of the most meaningful events expected to take place in 2026, which we will track regularly throughout the year. To discuss these predictions with Executive Editor Teddy Downey, please join us for a...

Jan 08, 2026 Read Now >

Blackstone/TXNM: Activists May Oppose $11.5 Billion PE Buyout Over Self-Dealing, Environmental Concerns

New Mexican climate and consumer advocacy groups said they’ll likely oppose Blackstone’s (BX) proposed $11.5 billion acquisition of utility operator TXNM Energy (TXNM) over concerns the private equity firm would favor its own financial interests at the expense of ratepayers and the...

Aug 08, 2025 Read Now >

BlackRock/Allete: Judge’s Recommendation Energizes Opponents as Focus Turns to Commission Decision in Fall

After a judge Tuesday recommended the rejection of a $6.2 billion deal that would give BlackRock (BLK) control of Allete’s (ALE) Minnesota Power, opponents and supporters alike turned their attention to the state’s public utility authority, which will decide the transaction’s fate....

Jul 17, 2025 Read Now >

The Asia Antitrust Agenda: SAMR Warns of Risks in Semiconductor Materials, Patent Database Sectors; HKCC Ends Auto-Fuel Supplier Probe; Japanese Regulator Releases Generative AI Findings; KTFC Fines Temu

SAMR flags antitrust risks in semiconductor materials, patent database sectors. China’s State Administration for Market Regulation (SAMR), the antitrust authority, warned in its annual report of potential risks in the semiconductor materials and patent database service provider sectors,...

Jun 16, 2025 Read Now >

ADNOC/Covestro: EU Sets Sights on Deal in Fresh Foreign Subsidy Rules Test

The European Commission is poised to use its only in-depth foreign subsidies case as a blueprint as it weighs potential concessions from UAE oil giant ADNOC, ahead of a €14.7 billion deal filing expected as early as this...

Apr 11, 2025 Read Now >

Schlumberger/ChampionX: Norwegian Regulator Prepares to Review Deal

Schlumberger’s (SLB) proposed $7.8 billion acquisition of rival ChampionX (CHX) will be reviewed in Norway, a spokesperson for country’s competition enforcer told The Capitol Forum. European scrutiny of the deal, which combines two U.S. oil field service providers, is expected to home...

Jan 24, 2025 Read Now >

Energy Antitrust Weekly: Congressional Democrats Launch Oil Collusion Probe; Khan Discusses ExxonMobil/Pioneer at AELP Summit; Crescent Energy to Acquire SilverBow Resources; CalPERS to Vote Against ExxonMobil Board at Shareholder Meeting; Permian M&A Causing Downturn in Rig Counts

Congressional Democrats launch probe into oil collusion, drawing in major producers. The FTC’s explosive findings on former Pioneer Natural Resources CEO Scott Sheffield’s communications with other oil producers including OPEC representatives continues to reverberate on Capitol Hill,...

May 23, 2024 Read Now >

Energy Antitrust Weekly: Chesapeake/Southwestern Deal Gets Second Request; FTC Releases Statement Approving Global Partners, Gulf Oil Acquisition and Protecting Maine Home Heating Oil and Diesel Buyers; HSR Period Expirations for Chord/Enerplus and Sunoco/NuStar

Second request pushes Chesapeake/Southwestern deal back. Chesapeake Energy Corporation (CHK) and Southwestern Energy Company’s (SWN) planned merger received a second request from the FTC on April 4, with regulators seeking more information about the impacts of a merger that’s expected...

Apr 11, 2024 Read Now >

EQT/Equitrans: Deal Would Create Regional Natural Gas Titan With Significant Power Over Competitors

EQT Corp’s (EQT) proposed $5.5 billion acquisition of its former pipeline arm Equitrans Midstream Corp (ETRN) would create Appalachia’s largest vertically integrated natural gas company and one that would have extensive dealings with EQT...

Mar 19, 2024 Read Now >

ExxonMobil/Pioneer: Contractor Deaths in One Texas County Could Highlight Labor Issues for FTC

FTC staff reviewing ExxonMobil’s (XOM) proposed $59.5 billion acquisition of Pioneer Natural Resources (PXD) will likely examine the past labor practices of the companies, according to a Capitol Forum analysis—a history that includes the deaths of three oilfield services contractors...

Jan 04, 2024 Read Now >

Exxon/Pioneer, Chevron/Hess Spur Lawmakers’ Call for Close FTC Scrutiny, Possibly Signaling Extended Reviews

ExxonMobil’s (XOM) proposed $59.5 billion takeover of Pioneer Natural Resources (PXD) and Chevron’s (CVX) $53 billion bid for Hess (HES) spurred a large number of Democratic senators in a letter this month to call on the FTC to closely probe the energy mega deals—a possible sign...

Nov 27, 2023 Read Now >

Enbridge/Dominion: Horizontal Overlap in Natural Gas Storage Market Could Draw Federal Antitrust Scrutiny

Enbridge Inc’s (ENB) acquisition of electric utilities from Dominion Energy Inc (D) will give it control over Dominion’s northern Ohio natural gas storage assets, reducing the number of working gas storage owners in the Central Great Lakes region and potentially allowing Enbridge to...

Oct 05, 2023 Read Now >

Enbridge/Dominion: Vertical Power Concerns Related to Dominion’s Control Over Contract Terms Could Attract FTC Scrutiny

In its acquisition of utility company Dominion (D), Enbridge (ENB), a major pipeline operator, could use Dominion’s control over contracts between buyers and sellers of natural gas in Ohio to favor its own interstate pipelines, according to a Capitol Forum analysis. Enbridge currently...

Sep 22, 2023 Read Now >

Antitrust Scrutiny of Vistra’s $3.4B Plan to Purchase Energy Harbor Grows Amid Second Request and Questioning by FERC

The Federal Energy Regulatory Commission (FERC) said yesterday that it wants more information on the Vistra (VST) acquisition of Energy Harbor (ENGH) after antitrust concerns were raised by state and regional authorities. “Please be advised that the Application is deficient, and the...

Aug 18, 2023 Read Now >

Resources Plans Expanded Drilling Program but Past Results May Indicate Challenges Ahead

In July, Houston Natural Resources (OTC: HNRC) acquired Appalachian operator Cunningham Energy for an undisclosed sum, after paying $19.62 million for a 9.9% interest in October 2022, with the company planning a NASDAQ or NYSE uplisting later this year. Central to the deal is an...

Aug 09, 2023 Read Now >

FirstEnergy Expected to be Removed from MSCI ESG Indexes at Next Rebalancing

On August 31, the Deka Group expects its ESG ETFs to drop FirstEnergy (FE) following an index rebalancing by MSCI (MSCI), according to a statement made to The Capitol Forum by a Deka spokesperson. The Capitol Forum first reported in June that FirstEnergy would be dropped from numerous...

Jul 18, 2023 Read Now >

Chevron/PDC Energy: Combined Entity Would Control Over a Quarter of Colorado Oil & Gas Production

Chevron’s proposed $7.6 billion merger with PDC Energy would significantly consolidate the Colorado oil and gas industry—the fifth largest crude oil-producing state in the U.S.—combining Chevron’s 10 percent of Colorado’s market share with PDC Energy’s 16 percent, according to...

Jun 23, 2023 Read Now >

At least 18 Indexes Likely to Drop FirstEnergy at Next Redetermination as ESG Concerns Snowball

Index providers S&P Global (SPGI), MSCI (MSCI) and the London Stock Exchange Group’s (LSE) FTSE Russell are likely poised to remove FirstEnergy (FE) from at least 18 of their ESG indices after their next quarterly redetermination, according to a Capitol Forum investigation. Over a...

Jun 21, 2023 Read Now >

Pictet Clean Energy Transition Fund Divests FirstEnergy as Utility Faces Challenging Legal Environment, Climate Concerns

Environmental, social, and governance (ESG) concerns factored into Swiss investment firm Pictet’s internal decision to close a position in FirstEnergy (FE) held by its sustainability-focused fund, according to information obtained by The Capitol Forum. The Pictet Clean Energy Transition...

May 17, 2023 Read Now >

Early Bids for Orphan Well Plugging Reveal Cracks in States’ Ability to Accurately Track Well Ownership; Active Operators Are Poised to Further Exploit State Processes to Offload Retirement Obligations

Bidding documents produced during the first stages of states’ efforts to plug wells with federal funds reveal that certain wells identified for plugging appear to be owned by active operators like Chesapeake Energy (CHK), Diversified Energy (LON: DEC), or BP (BP), according to The...

Mar 24, 2023 Read Now >

Coterra Marcellus Output Continues to Fall, Testing Company’s Fourth Quarter Natural Gas Production Guidance

Coterra Energy (CTRA) appears on track to see its lowest annual Marcellus output since 2018, with the company reporting an average of 77 million Mcfe per month from its Marcellus wells in the fourth quarter, Upstream shows. Coterra’s total Marcellus production in the second half of 2022...

Feb 22, 2023 Read Now >

Coterra Energy: Pennsylvania Drilling Signals Early Shift Towards Less Promising Targets as Legacy Marcellus Wells Underperform Peers

Coterra Energy (CTRA) appears to be running out of Tier One inventory in the Marcellus, Upstream suggests, while its regional production during the first three quarters of 2022 has dipped to the company’s lowest levels since 2018. A surge in production in the second half of the year...

Dec 19, 2022 Read Now >

FTAI Infrastructure: Drag on Freight Revenues Likely Amidst US Steel Idling Facilities

Energy and transportation company FTAI Infrastructure (FIP) will likely see lower revenues this quarter amid a cut to steel and tin production from its largest freight customer, US Steel (X), according to a Capitol Forum investigation. ...

Oct 10, 2022 Read Now >

EOG Resources: Expanded Drilling Efforts in Utica Oil Window, Company Returns to Appalachia in Positive Signal for Activity in the Region

Marking a return to the region after its 2020 exit, oil and natural gas explorer and producer EOG Resources (EOG) is ramping its drilling program and increasing its acreage on the edge of the Utica Basin’s oil window in Ohio, according to a Capitol Forum investigation. Companies like...

Jul 20, 2022 Read Now >

Oil and Gas Buyers Pause Amidst Volatility and a Lack of Top-Tier Assets; Interest in Ohio Especially Subdued

As Appalachian natural gas companies continue to bring their portfolios to market, buyers have yet to be persuaded on the upside as they expect further volatility into the winter and beyond. Sellers like ExxonMobil (XOM), Tug Hill Operating, Apex Energy, and Olympus Energy have been...

Jun 17, 2022 Read Now >

Gazprom Firmly in EC’s Antitrust Sights as Pressure Mounts From Skyrocketing Energy Prices, War in Ukraine

European Commission investigators are stepping up their ongoing probe into allegations Russia’s state-owned Gazprom (GAZP) has abused its dominance on the wholesale natural gas market as political pressure mounts to address surging energy prices in light of the war in Ukraine. The...

Apr 11, 2022 Read Now >

UGI: Propane Customers Nationwide Face Lengthy Delays as Scripted Customer Service Agents Appear to Mislead Customers; Company Conduct Could Invite Further Legal Scrutiny

Hundreds of UGI Corp.’s (UGI) AmeriGas retail propane customers in at least 39 states have experienced service delays for weeks to months during some of the coldest periods of the winter season, according to a Capitol Forum investigation. Most complaints follow a pattern: vulnerable...

Mar 24, 2022 Read Now >

Suburban Propane and UGI Corp: Customers Complain of Price Gouging, Posing Regulatory Risk Amid State and Federal Calls to Examine Consumer Energy Costs

Residential customers of Suburban Propane (SPH) and UGI Corp. (UGI) subsidiary AmeriGas in 15 states described sharply rising propane prices as fall turned to winter, leading to significant duress in some customers’ everyday lives, according to a review of online complaints and...

Jan 11, 2022 Read Now >

Bloom Energy: CPUC Proposed Decision Denies Company Bid for Microgrid Incentives During Grid Outages, Opting for Utilities’ Plans

On Friday, the California Public Utilities Commission (CPUC) preliminarily denied a Bloom Energy (BE) proposal to create a microgrid capacity services tariff to provide electricity to the grid during outages. Under its proposal previously reported on by The Capitol Forum, Bloom requested...

Nov 01, 2021 Read Now >

EQT: Aspects of Company’s Well Inventory Appear to Violate State Regulations; State-Mandated Plugging in Pennsylvania Mounts; Roughly $85 Million in Liabilities in Kentucky May Belong to EQT, According to The Capitol Forum Investigation

EQT Corp. (EQT), the nation’s largest natural gas producer, owns a higher proportion and count of non-producing wells in the Appalachian Basin than its publicly traded peers, according to a Capitol Forum investigation. Of EQT’s more than 3,600 inactive wells that must be either...

Oct 27, 2021 Read Now >

Bloom Energy: Company Faces Risk to Incentives in South Korea; Joint Venture Partner Makes Big Bet on Hydrogen Competitor

Fuel cell manufacturer Bloom Energy (BE) faces a phase out of incentives it currently receives under The Republic of Korea’s Renewable Portfolio Standard (RPS) for its natural gas-powered fuel cells as the country moves towards a Hydrogen Portfolio Standard (HPS), sources familiar with...

Oct 19, 2021 Read Now >

APA Corp.: Entity Operating APA Legacy Assets Appears to Overstate Revenues and Understate Retirement Costs, Investigation Shows; Securities May Not Shield APA from Liabilities

The entity created in a bankruptcy reorganization to operate and fund the retirement of APA Corp’s (APA) legacy assets in the Gulf of Mexico may face more than $400 million in revenue shortfalls from lower-than-forecast production by 2025, according to The Capitol Forum’s...

Sep 14, 2021 Read Now >

Bloom Energy: Regulatory Headwinds in Multiple East Coast States Likely to Hinder Company’s Ability to Participate in Certain Incentive Programs, Raising Concerns About Growth Plans Outside of California

In four of the nine East Coast states in which Bloom Energy (BE) operates, the company faces hurdles to participate in state-funded incentive programs designed to encourage renewable energy development, as states favor greener alternatives and have established other parameters that Bloom...

Jul 28, 2021 Read Now >

Diversified Gas and Oil: Analysis of The Capitol Forum Production Database Raises Questions Surrounding Certain Wells Brought Back to Production and Company’s Consent Order with Pennsylvania

In Pennsylvania, Diversified Gas and Oil (LON: DGOC) brought 482 non-producing wells online in 2019, 268 of which reported exactly the threshold level of production that exempts the company from a tighter retirement schedule—100 thousand cubic feet (mcf) of natural gas—pursuant to its...

Apr 21, 2021 Read Now >

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